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Promotion of consumer loans being tightened

MoneyIllustration. Money.Photo: pixabay.com

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The financial industry is agreed on an industry norm to limit unwanted and ongoing marketing of consumer loans.

Finance Norway and Association of Norwegian Finance (FinFo) reports Tuesday that members of the two associations have agreed on the Code of Marketing of consumer loans and credit.

Code imposes stricter requirements for marketing of consumer and credit than the current legislation.

– We note that many other strong growth in both marketing and the volume of consumer debt over time are not sustainable.

This is why we have developed an industry norm in some areas that are stricter and more specific than legislation, which will apply as a minimum standard for all members of the two associations, says CEO Idar Kreutzer in Finance Norway.

 

Source: NTB scanpix / Norway Today

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